First-Time Home Buyers in Ontario
Your complete roadmap to buying your first home in the GTA. From understanding your budget and getting pre-approved to navigating offers and closing day.
5%
Min Down Payment
$60,000
HBP RRSP Withdrawal
$4,000
LTT Rebate (Ontario)
$4,475
LTT Rebate (Toronto)
First-Time Buyer Guides
Buyer Tools
Key Terms for First-Time Buyers
Homebuyer's Plan (HBP)
Withdraw up to $60,000 from your RRSP tax-free for a down payment.
Mortgage Pre-Approval
A lender's written commitment for a specific mortgage amount at a guaranteed rate.
Mortgage Stress Test
A federal requirement to qualify at a rate higher than your contract rate.
Down Payment
The portion of the home's purchase price you pay upfront.
Deposit
A sum of money the buyer puts forward when making an offer, held in trust.
Conditional Offer
An offer with conditions that must be fulfilled before the deal becomes firm.
Land Transfer Tax
A tax paid by the buyer when a property changes hands in Ontario.
Agreement of Purchase and Sale
The legally binding contract between buyer and seller in a real estate transaction.
Closing Date
The date when ownership officially transfers from seller to buyer.
GDS Ratio
The percentage of gross income required to cover housing costs, capped at 39%.
Neighbourhood-Level Pricing
First-time buyer affordability varies dramatically by neighbourhood. Explore average prices and market conditions across the GTA to find areas that fit your budget.
Explore Neighbourhood Guides